26 Mar Discretion of Appellate Authority in Admitting Appeals Beyond Limitation Period
In the case of Arvind Gupta v. Assistant Commissioner of Revenue State Taxes [Writ Petition Application No. 2904 of 2023 dated January 04, 2024]...
Taxation Tag
20 Mar Filing of Form 10-IEA for Income-Tax Return
The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one....
20 Mar Understanding the Contrast: Income Tax vs Tax Deducted at Source (TDS)
Income tax and Tax Deducted at Source (TDS) represent distinct facets of taxation, each with its own operational framework....
20 Mar Gross Direct Tax Revenues for FY24 Experience Notable Growth of 18.74%, net direct tax at 19.88%
During the recent Budget speech, Finance Minister Nirmala Sitharaman revised the projection for direct tax collections in FY24 to Rs 19.45 lakh crore, reflecting an increase from the initial estimate of Rs 18.20 lakh crore....
19 Mar Key JSON Schemas for ITR-1 and ITR-4 Issued by Income Tax Department for Assessment Year 2024-25
The Income Tax Department has recently unveiled the JSON Schema for ITR-1 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24....
18 Mar Making Tax Payments Under the QRMP Scheme: Step-by-Step Guide
The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme, initiated by the CBIC from January 1, 2021, aims to ease the compliance burden for small taxpayers. This guide outlines the process for tax payment during the initial two months of the quarter for...
16 Mar Section 194G of the Income Tax Act
Lottery tickets are often seen as gateways to instant wealth, but few realize the tax implications that accompany such windfalls. Section 194G of the Income Tax Act delineates the provisions for Tax Deducted at Source (TDS) on various activities related to lottery tickets, including their...
16 Mar Guide to Tax Collected at Source (TCS) – Rates, Payment, and Exemption
The Indian Income Tax Act incorporates provisions for Tax Collected at Source (TCS), where specific individuals are mandated to collect a predetermined percentage of tax from their buyers during certain transactions....
16 Mar Interim Budget Updates to Goods and Services Tax
The announcement of GST Amendments in the Interim Budget brings forth significant changes in the taxation landscape, marking a pivotal moment for both businesses and individuals....
16 Mar CBIC Modifies BCD Rates on Selected Smart Wearable Devices
The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 17/2024-Customs on March 14, 2024, which revises its earlier Notification No. 57/2017-Customs dated June 30, 2017. This revision pertains to the Basic Customs Duty (BCD) rates applicable to specific smart wearable devices....